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1540 WADK.com Updates

Council Approves I-195 Land Tax Plan

Providence Mayor Jorge Elorza today will sign an ordinance establishing a tax break program for large projects on former Interstate-195 land.  The ordinance establishes that projects between ten and 50-million-dollars or more on the land will receive a 15-year tax break package.  The owner would pay no property taxes in the first year under the plan, then would only pay taxes on the land itself in the second through fourth years.  The rate would then begin rising incrementally until full taxation is achieved in year 15.

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